The Department of Trade and Industry (DTI) published the latest suggested retail price (SRP) bulletin of basic necessities and prime commodities (BNPCs) today, 08 February 2023, in Philippine Star for the information and guidance of producers, manufacturers, traders, dealers, sellers, retailers, and consumers.
Amidst the rise in prices of raw and packaging materials, and other costs worldwide, manufacturers of BNPCs need to adjust their prices to keep jobs and their businesses running. It is worth noting that for the last six (6) months, prices of BNPCs in the Bulletin have not moved despite the upward pressure from increases in the cost of production. The DTI appreciates the continuous cooperation of manufacturers in maintaining their prices.
A total of 141 or 65% of the total Stock Keeping Units (SKUs) maintained their 12 August 2022 prices, while 76 or 35% SKUs increased by PHP0.45 to PHP7.00. Commodities that increased prices include canned sardines in tomato sauce, processed milk, coffee 3-in-1 original, noodles, bread, detergent soap, canned meat, candles, and condiments. Increase in the price of food items were kept to PHP0.45 – PHP3.60.
The DTI assures the public that price adjustments were carefully studied and kept to a minimum to ensure that affordable goods are still available in the market. Further, we also regularly monitor the price movements of raw materials of these BNPCs, and continuously monitor retailers to ensure that the prices of BNPCs are reasonable”, DTI Consumer Protection Group Undersecretary, Atty. Ruth B. Castelo underscored.
CPG Undersecretary Castelo emphasized that external factors such as high cost of raw materials, acquisition cost of the finished product, packaging materials, logistics, transportation cost, and global inflation greatly affected prices of goods.
The DTI continues to mitigate the impacts of global inflation as it accelerated further to 8.7% percent in January 2023 from 8.1% in December 2022 according to the Philippine Statistics Authority (PSA). The SRP bulletin will serve as a guide to consumers in making informed purchasing decisions.
The public may refer to the most recent SRP list of basic and prime goods before going to supermarkets and grocery stores. The Department encourages consumers to exercise their right to choose and look for low-cost, high-quality products in the markets. The price guide is accessible via the DTI website.
Consumers are requested to report retailers, distributors, and manufacturers that sell basic necessities and prime commodities above their SRPs via One-DTI (1-384) Hotline or email, ConsumerCare@dti.gov.ph. *